What’s Ahead For Mortgage Rates This Week – January 2, 2017

Last week’s economic reports were in short supply due to the Christmas holiday. Events reported included Case-Shiller home price indices, pending home sales and weekly readings on mortgage rates and new jobless claims. Consumer confidence was also released.

Case–Shiller Readings Indicate No Slowdown in Home Price Gains

Case-Shiller’s October readings for its home price indices showed continued growth in home prices. In spite of rising home prices and mortgage rates, high demand for homes and slim supplies of homes for sale continued to fuel higher home prices.

According to Case-Shiller’s national home price index for October, home prices rose 5.60 percent on an annual basis as compared to September’s reading of 5.40 percent. The 20-city home price index rose to 5.10 percent from September’s reading of 5.00 percent. Case-Shiller’s 10-city index also gained 0.10 percent in October with a reading of 4.30 percent year-over-year.

Seattle, Washington, Portland, Oregon and Denver, Colorado had the highest year-over-year home price gains in October with readings of 10.70, 10.30 and 8.30 percent respectively. David M. Blitzer, Managing Director and Chairman of the S&P Indices Committee, said that “Home prices and the economy are both enjoying robust numbers,” but he also cautioned that rising mortgage rates and home prices growing faster than wages continue to pose obstacles for some home buyers. The Federal Reserve is expected to raise its federal funds rate in 2017, which is expected to prompt rising mortgage rates.

Mortgage Rates Mixed, Pending Home Sales Fall

Pending home sales fell 2.50 percent in November. Analysts said that post-election reaction helped to drive mortgage rates higher, which made homes less affordable for first-time and moderate-income buyers; Sellers and buyers may have postponed decisions to sell or buy as they waited for volatile post-election responses to ease.

According to the National Association of Realtors®, pending home sales fell to their lowest level in almost a year with an index reading of 107.30 in November. September’s reading was 110.00. The holiday season and rising mortgage rates were seen as contributing to fewer pending home sales.

Freddie Mac reported the ninth consecutive week that fixed rate mortgages rose. In the final mortgage rates survey for 2016, the average rate for a 30-year mortgage rose two basis points to 4.32 percent; the average rate for a 15-year fixed rate mortgage was three basis points higher at 3.55 percent. 5/1 adjustable rate mortgage rates averaged 3.30 percent, which was two basis points lower than the prior week. Discount points averaged 0.50 percent for all three mortgage types.

New jobless claims were lower last week with a reading of 265,000 new claims filed. Analysts had expected 270,000 new claims filed based on the prior week’s reading of 275,000 new claims filed.

In spite of rising home prices and mortgage rates, consumer sentiment was higher than expected in December with a reading of 113.70 as compared to expectations of 110.00 and November’s reading of 109.40.

What‘s Ahead

Next week’s scheduled economic reports include Labor Department releases on Non-Farm Payrolls, and the national unemployment rate. ADP payrolls and weekly readings on mortgage rates and new jobless claims will also be released. Financial markets are closed today in observance of New Year’s Day.

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372 Camino Kennedy -- Rio Rico, AZ 85648

$675,000

3 Beds

3 Baths

3,312 SqFt

Status Active

MLS # 6821734

Property Type Single Family Residence

Price Type --

Mountain Views are unobstructed for the nature enthusiast at this 36.54 acre Ranch Style Property. It provides ample room to roam for recreation, gatherings, raising animals, with so many possibilities. Experience Breathtaking views, the mountains provide a stunning backdrop year-round while the summer monsoons provide dramatic lightening shows. This home is a lifestyle opportunity waiting for you in Tumacacori just east of Tubac, a Historic Landmark in Arizona with fine dining, wine tasting, golfing, hiking, bird watching, art galleries, shops and more. Residential & Land/Lots Sold together, includes Parcel 112-38-117D (12.09) & 112-38-117A (17.2) Acreage/taxes combined. Perfect option floorpan for a 4th bedroom.

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2319 E Glenrosa Avenue Phoenix, AZ 85016

$675,000

4 Beds

2 Baths

1,634 SqFt

Status Active

MLS # 6790765

Property Type Single Family Residence

Price Type --

Nestled in the sought-after Biltmore area, This classic 1950's brick ranch effortlessly combines timeless charm with modern amenities. Home features four spacious bedrooms, updated bathrooms, abundant family space for family, work and entertainment. The back yard sanctuary offers a private setting with remodeled pool and great space for activities and leisure times. Conveniently located with near by shopping, dining and entertainment with a balance of a quite neighborhood and conveniences of all the city has to offer minutes away.

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13849 S 179th Avenue Goodyear, AZ 85338

$675,000

3 Beds

2 Baths

2,399 SqFt

Status Active

MLS # 6821063

Property Type Single Family Residence

Price Type --

Assumable VA Loan at 2.5%!! Enjoy this beautiful home with an open concept and spacious interior. Split floorplan makes this home perfect for family & entertaining. Kitchen is fully equipped with an island for entertaining, New stainless appliances & gorgeous granite countertops. Two large separate living areas with an office/bonus room , ideal for family. This home offers incredible outdoor space. Backing up to a quiet walking path and park. The Covered patio, built in BBQ area & a raised deck w/ pergola allows resort style relaxation next to your private pool w/ a magnificent view. You will be amazed at all the upgrades including a Salt Cell Pool w pentair pool upgrades & filtration system, Plantation Shutters, New ...... Walk-in shower (guest bath), Upgraded ceiling fans & lighting throughout, New interior paint includes 4 shades & accent walls, Privacy door, commercial kitchen sink & faucet, R/O water osmosis system, outdoor misting system, new HVAC unit, new hot water heater, outdoor lighting & motion detector lighting. Many more upgrades in remarks. Come and see this gorgeous upgraded home!

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21187 E Alyssa Road Queen Creek, AZ 85142

$675,000

4 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6811218

Property Type Single Family Residence

Price Type --

This beautifully maintained 4BR/2BA with 3 car garage home, nestled on a quiet cul-de-sac in the heart of Queen Creek sits on an oversized corner lot and offers an array of upgrades for modern living. The backyard is a true retreat, featuring a brand-new sparkling pool with a waterfall and spa jets, perfect for Arizona summers. A gas line is already in place, making it easy to add a heater for year-round enjoyment. The large covered patio and custom pergola provide plenty of shade, while mature trees enhance the low-maintenance landscaping. Inside, an elegant entryway leads to an open and inviting layout. The spacious family room includes recessed lighting, surround sound speakers, and flows seamlessly into the sitting/dining area and kitchen. The gourmet kitchen boasts upgraded cabinetry, quartz countertops, stainless steel appliances, a reverse osmosis system, and pull-out storage in the cabinets for added convenience. The split floor plan ensures privacy, with the primary suite featuring a Board & Batten accent wall, bay windows, dual sinks, a soaking tub, a walk-in shower, and a functional walk-in closet. On the opposite side of the home, three spacious secondary bedrooms include ceiling fans, while two of them are equipped with mini-split systems for personalized comfort. A second bathroom with dual sinks adds to the home's thoughtful design. Additional highlights include solar film on windows to enhance energy efficiency, a soft water system, and an oversized laundry room with extra counter space, cabinetry. The third garage bay offers interior access, adding extra functionality. Conveniently located just minutes from Black Rock, Dutch Bros, shopping, dining, top-rated schools, and the 202 freeway, this home is a must-see.

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7912 E Plaza Avenue Scottsdale, AZ 85250

$675,000

2 Beds

2 Baths

1,651 SqFt

Status Active

MLS # 6824755

Property Type Townhouse

Price Type --

Tastefully updated single level townhome located in the highly sought after Laguna San Juan community. Spacious living area. The recently updated gourmet kitchen with quartz counters and generous sized dining area create an ideal space for entertaining. Private primary suite area with updated spa like bath, large closets and a luxurious guest suite. This home has been meticulously maintained and it shows! IDEAL LOCATION! Fashion Square Mall, fine dining and boutiques, numerous golf courses, Chapparal Park, Spring Training facilities, Talking stick Resort ,The Pavillions entertainment center ,easy access to the 101/202 freeways and all that Scottsdale offers are conveniently located nearby.

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5158 N Bedford Way Prescott Valley, AZ 86314

$675,000

3 Beds

2 Baths

2,058 SqFt

Status Active

MLS # 6828223

Property Type Single Family Residence

Price Type --

Stunning corner lot home in Granville! Discover the perfect blend of comfort and style in this immaculate 3-bedroom, 2-bathroom home located in the highly sought-after Granville Subdivision. Sitting on a desirable corner lot, this beautifully upgraded property offers both privacy and breathtaking views. Enjoy the stunning scenery of Mingus Mountain and take in the panoramic views from your backyard retreat, complete with your very own hot tub for ultimate relaxation. Every detail in this home has been carefully designed with quality and elegance in mind. Don't miss the opportunity to call this Granville gem your home.

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1847 W Isleta Avenue Mesa, AZ 85202

New

$675,000

4 Beds

3 Baths

2,243 SqFt

Status Active

MLS # 6831771

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Ponderosa Mesa! Nestled on a prime corner lot, this gorgeous property with POOL has all the bells and whistles. Offering 4 beds, 3 baths, a 2-car garage, and a low-care landscape. The home exudes elegance throughout with a neutral palette, bountiful natural light, recessed lighting, and wood-look flooring throughout. You'll love the large living room paired with a vaulted ceiling, exposed beams, and skylights! The impeccable eat-in kitchen is a cook's delight, featuring sleek SS appliances, quartz counters, subway tile backsplash, white shaker cabinetry, a pantry, and an island w/breakfast bar. Just off the front entry is the versatile den, ideal for an office or game room. Enter the oversized main bedroom to find a walk-in closet and sliding doors to the patio! The spotless ensuite boasts dual sinks, a soaking tub, a glass-enclosed shower, and another outdoor access. But the true highlight is the spacious backyard! Designed for relaxing and entertaining with a travertine-covered patio, artificial turf, and a sparkling pool for year-round enjoyment. The storage shed is an added perk. Convenience is key with close to schools, shopping, dining options, entertainment, parks, and easy access to freeways. What's not to like? This beauty is truly a MUST-SEE!

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5205 N 8th Place Phoenix, AZ 85014

$675,000

3 Beds

2 Baths

1,484 SqFt

Status Active

MLS # 6825328

Property Type Single Family Residence

Price Type --

Back from Sold ! Step inside to discover a hidden gem—this 3BR 2Ba home has been completely renovated from top to bottom. Beyond its charming new stucco exterior lies a world of modern upgrades, including below ground with updated sewer pipes that ensure durability and peace of mind. This desert oasis is complete with a 2.5-car detached renovated garage. The original 2/1 block layout has been thoughtfully renovated with tile flooring throughout, modern doors and windows, upgraded fans, faucets, fixtures, and electrical systems. The highlight is the expansive 684-square-foot primary suite 2x6 construction addition. An impressive 8-foot double door opens into the suite, where equally tall 8-foot windows bathe the space in natural light. The room features soaring high-beamed ceilings, . . . a spacious walk-in closet with barn door entrance, and a luxurious all-tile walk-in shower with a dual-sink vanity and private toilet room. Additionally, a built-in cabinet with a sink and small fridge is seamlessly integrated into the bedroom for enhanced convenience. Separating the main 2/1 from the Primary suite is an elegant Sunroom/Dining Room. French doors not only offer a graceful transition to the patio but also opposite side is another French door access to the laundry area and side yard creating a seamless flow throughout this stunning home. Outside is a lush tropical retreat featuring a covered ramada with elegant sail shades, a built-in TV cabinet, and a double swing benchideal for both intimate gatherings and private relaxation amid vibrant vegetation and well-manicured grass. Connected to this serene outdoor space is a climate-controlled garage that currently doubles as a guest suite. Equipped with a kitchenette, heated and cooled via a mini split system. This space boasts insulated walls and a double garage door accented with full-sized plantation shutters that usher in natural light. Currently designed as a multipurpose guest area, it comfortably accommodates up to 2.5 cars. Beyond the garage, discover ample storage options inside and out, including 3 outside storage sheds leading to a double gate, with additional parking potential available to suit your needs that you can enter from the back alley. This home is not to be missed. Experience modern comfort and elegant design in this meticulously renovated desert retreat. Located in the heart of uptown Phoenix - a short distance from Uptown Farmer's Market, 7th Street's Restaurant Row and quick and easy access to Freeways with short distance to downtown Phoenix * Phoenix Sky Harbor Airport * Excellent Madison School District * Piestewa Peak Hiking Trailhead * Biltmore Fashion Park

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4705 E Betty Elyse Lane Phoenix, AZ 85032

New

$675,000

5 Beds

3 Baths

2,322 SqFt

Status Active

MLS # 6831438

Property Type Single Family Residence

Price Type --

Discover your dream home in Alcantara Villas. This beautiful & unique 5 beds / 3 baths plus office residence has over $100K in upgrades. Situated on the most desirable N/S corner lot, directly across from the community pool, this home is perfect for families. Key Features: Added 5th bedrooms - converted from a loft with added custom closets. Additionally, added dedicated office space! Chef's Kitchen with a huge island, granite counters, a stylish tiled backsplash, and pull-out cabinets. The double oven and cooktop make cooking a breeze! Elegant Finishes: home features stunning wood plank tile flooring, custom wood shutters, elegant iron railings, and 8-foot interior French doors. Located just minutes from Scottsdale Quarter and with easy access to 51 and 101 freeways. Move in ready!

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11138 W Hatcher Road Sun City, AZ 85351

New

$675,000

2 Beds

2 Baths

1,939 SqFt

Status Active

MLS # 6832048

Property Type Single Family Residence

Price Type --

This is it! Your chance to live in Rancho Estates! A totally unique area in Sun City (55+), with oversized lots (1+ acre) and limited HOA! And still enjoy all the amenities that Sun City has to offer!! Beautiful 2 bedroom/2 bath home with a large family room, formal dining area, open kitchen with a breakfast bar, huge laundry room and so much more! Backyard offers a full length patio, great for entertaining or those quiet times alone! Beautiful low maintenance landscaping, citrus trees, flower gardens and unlimited space! Backyard is completely walled in for privacy! The backyard would be great for a large RV garage, standard garage or whatever man cave you would like to have! Convenient location with easy access to restaurants, shopping, theaters, Loops 101 & 303, Cardinal Stadium and so much more! RV gates on both ends of the property for easy drive through access. This area is the perfect neighborhood to be if you do not want to be on top of your next door neighbor and enjoy the thought of having some space! Please see the list of recreation centers and activities under the document tab, too many to list!

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10434 E Jacob Avenue Mesa, AZ 85209

$675,000

4 Beds

2.5 Baths

2,873 SqFt

Status Active

MLS # 6821282

Property Type Single Family Residence

Price Type --

This beautifully updated home offers desirable North/South exposure with easy access to freeways, shopping, and dining. Upon entry, you're greeted by an open floor plan featuring 4 bedrooms, 2.5 baths, a 3-car garage, and an upstairs loft overlooking the living area. The expansive Great Room with a soaring 20' ceiling creates a grand atmosphere, while the versatile front room downstairs offers space for multiple activities. The primary suite is conveniently located downstairs and includes a tiled en-suite bath with a walk-in shower and spacious closet. Recently remodeled bathrooms and a refreshed laundry room provide modern upgrades throughout. New Low-E windows add to the home's appeal and comfort. The kitchen is a chef's delight, showcasing granite countertops, upgraded cabinets, stainless steel appliances, an island, and a large pantry. The home has been freshly painted inside and out and features a new 50-gallon hot water heater. Step outside to the backyard retreat, where you'll find a recently re-plastered pool, a cozy outdoor sitting area, and a charming beehive fireplace, perfect for entertaining. See documents for a full list of upgrades!

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2922 Cabo Busto Court Sierra Vista, AZ 85650

$675,000

4 Beds

3 Baths

3,149 SqFt

Status Active

MLS # 6828452

Property Type Single Family Residence

Price Type --

This spacious and luxurious 4-bedroom, 3 bathroom, 3 car garage home with 3 distinct and separate living spaces, a den/office, and a bonus/game room offers a blend of elegance and practicality. Custom tile and engineered wood flooring grace the interior, while the open layout connects the living spaces seamlessly. The gourmet kitchen boasts granite countertops and premium appliances. The outdoor area features a heated pool with a waterfall and a spa, a built in BBQ, an RV gate, and a large landscaped low-maintenance lot. The outdoor oasis is encompassed by a substantial block fence. This home combines comfort and convenience, making it a rare find for those seeking a stylish and functional living space.

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